Introduction: The
New Age of Transparency

By mid-2009, evidence was emerging that the trust and wealth management
industries were adopting to the new age of transparency instigated
by the OECD countries in response to the global financial metldown
and subsequent economic crisis. Participants in a survey conducted
by the Society of Estate and Trust Practitioners agreed that three
key trends would develop in the industry over the course of the
coming years.

These include:

The end of secrecy will mean families will seek out advisors
and trustees who can master global tax advice. Economic conditions
will mean tax competition between countries will increase and
the distinction between offshore and onshore will disappear;

The industry will modernise its practices to attract a wider
audience; increasing its market share through adopting best
practices in investment management and enhancing compliance
processes to reduce risk;

Products and services will continue to be combined together
to create new revenue opportunities for wealth structuring professionals.
Trust and Estate Planning practitioners will have to be increasingly
innovative to expand the number of strategies in its ‘toolbox’
to create bespoke solutions in higher value structures.

Shortly after the results of this survey were published, STEP released
figures which indicated that sentiment was improving amongst practitioners,
with 41% of the organization's members predicting that trust and
estate business would "improve" or "significantly
improve" over the year ahead. This was almost double the number
that held this view earlier in the year.

STEP Chief Executive David Harvey said: “The move to positivity
among STEP members is a great indicator that, despite the economic
downturn and the regulatory environment providing new challenges
for trust and estate practitioners, the industry is looking to the
future with renewed confidence. Our members are looking to embrace
the opportunities afforded by the needs of international families
to plan and to be compliant on an increasingly global, rather than
national, basis.

Offshore Trusts News

Gibraltar Marks 25th Year of HNWI Residency SchemeSaturday 17/2/2018Gibraltar is marking the 25th year of its special tax residency program for high-net-worth individuals, known officially as Category 2 status, which limits taxation on worldwide income to a maximum of GBP30,000 (USD41,958) per year.

Cayman Eases Deadline For CbC ReportingWednesday 14/2/2018Authorities in the Cayman Islands have pushed back the deadline for notifying local authorities of which entity will file a country-by-country report, and for filing the first reports.

Bermuda Launches Anti-Money Laundering CampaignFriday 2/2/2018Bermuda's Prime Minister, David Burt, has launched a public awareness campaign calling on all islanders and businesses to support the Government's efforts to combat global financial crime.

EU Issues GDPR Tool For SMEs, Guidance For StatesWednesday 31/1/2018The European Commission has newly launched an online tool to support citizens, businesses – and in particular small- and medium-sized firms – and other organizations to come to terms and comply with new data protection rules being introduced from May 25: the General Data Protection Regulation.

EU Asks For Small Firms' Input On VAT Reform PlansWednesday 31/1/2018The European Commission has asked for taxpayers' feedback in respect of its proposals to simplify value-added tax compliance for small enterprises, alongside the publication of its proposal for a Council Directive to amend the EU VAT Directive as regards the special scheme for small businesses.

IoM Consults On EU Data Protection Law ChangesWednesday 24/1/2018The Isle of Man Government has issued a consultation document providing further detail on the alignment of the island's data protection law with the European Union's General Data Protection Regulation, which comes into force on May 25, 2018.

Hong Kong Eases Stamp Duty Rules For ResidentsMonday 22/1/2018Hong Kong has relaxed the rules for those buying residential property, with the publication in the Official Gazette of The Stamp Duty (Amendment) Ordinance 2018 on January 19, 2018.

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